India's state-controlled Strategic Petroleum Reserves Ltd (ISPRL) is finalizing feasibility studies for two new strategic petroleum reserve facilities as the world’s third-largest crude oil importer looks to boost its energy security.
ISPRL is finalizing a feasibility study for a facility in Bikaner in the northwestern state of Rajasthan and has completed a pre-feasibility study for a cavern in Bina in the central state of Madhya Pradesh.
These two new facilities planned to host strategic petroleum reserves would add to the project led by India’s state-owned Oil and Natural Gas Corporation (ONGC), which is building a storage site in Mangaluru to hold about 13 million barrels of oil.
In the wake of the Iran war and disrupted crude flows at the Strait of Hormuz, India is seeking alternatives to replace lost Middle Eastern supply:
